Analyst thoughts: Top 40 Medium-term
VIEW RETAINED FOR AN ONGOING 66 350 TO 73 400 PRICE CONSOLIDATION
The general view of a PQ* defined consolidation phase remains preferred. The labelling has been adjusted but with the same outcome.
Current downside should target Q*, to complete phase W.
The interim view of R1/S0 ranging is materialising and most likely still part of the current W downside to Q* and S1*.
Further XY phases would eventually result in a re–emergence of the bull trend to T1 and T2.
The pivotal level for the illustrated bullish bias is at Q*/S1* cluster support.
Target and Re-assessment Levels:
Important Levels: Q*/S1*
Primary Trend and Target Levels: P*/Q* ranging, followed by gains to T1 and T2.
Monthly Range: R1/S0 consolidation
Prevailing Trend and Target Levels: R1/Q
Technical Rating: Medium